International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy

Overview

The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance’s most perplexing mysteries. Although the United States continues to post a substantial trade deficit—and China reaps the benefits of a surplus—the dollar has yet to sink in the face of ever-increasing account disparities.  International Financial Issues in the Pacific Rim explains why the United States enjoys a seemingly symbiotic relationship with its trading partners ...

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Overview

The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance’s most perplexing mysteries. Although the United States continues to post a substantial trade deficit—and China reaps the benefits of a surplus—the dollar has yet to sink in the face of ever-increasing account disparities.  International Financial Issues in the Pacific Rim explains why the United States enjoys a seemingly symbiotic relationship with its trading partners despite stark inequities in the trade balance, especially with Asia. This timely and well-informed study also debunks the assumed link between economic openness and low inflation in the region, identifies the serious gap between academic and private-sector researchers’ understanding of exchange rate volatility, and analyzes the liberalization of Asian capital accounts. International Financial Issues in the Pacific Rim will have broad implications for global trade and economic policy issues in Asia and beyond.
 
 

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Product Details

Meet the Author

Takatoshi Ito is professor of economics at the University of Tokyo and a research associate of the NBER and the Tokyo Center for Economic Research.
 
Andrew K. Rose is the Bernard T. Rocca Jr. Professor of International Trade, director of the Clausen Center for International Business and Policy at the Haas School of Business, University of California, Berkeley, and a research associate of the NBER.
 
 

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Table of Contents

Acknowledgments
 
Introduction
            Takatoshi Ito and Andrew K. Rose
 

I. Global Imbalances
 
1. Life on the Tri-Polar Sphere: How Should Interest and Exchange Rates Realign Next?
Michael P. Dooley, David Folkerts-Landau, and Peter Garber
 
Comment:         John Simon
 
2. Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia
Shin-ichi Fukuda and Yoshifumi Kon
 
Comments:       Linda S. Goldberg
                        Andrew K. Rose
 
3. Are Currency Appreciations Contractionary in China?
Jianhuai Shi

Comments:       Ashvin Ahuja
                        Dante B. Canlas

II. Monetary Policy and Exchange Rates
 
4. The Relationship between Openness and Inflation in NIEs and the G7
Chung-Shu Wu and Jin-Lung Lin
 
Comments:       Peter Blair Henry
                        John Simon

5. Pass-Through of Exchange Rates to Consumption Prices: What Has Changed and Why?
José Manuel Campa and Linda S. Goldberg 
 
Comments:       M. Chatib Basri
                        Kiyotaka Sato
 
6. Price Impacts of Deals and Predictability of the Exchange Rate Movements
Takatoshi Ito and Yuko Hashimoto
 
Comment:         Eli Remolona

7. Adopting a Common Currency Basket Arrangement into the ASEAN Plus Three
Eiji Ogawa and Kentaro Kawasaki
 
Comments:       Michael P. Dooley
                        Kiyotaka Sato
 

 III. Liberalization, Market Access, and the Cost of Capital
 
8. Growth and Returns in Emerging Markets
Peter Blair Henry and Prakash Kannan
 
Comments:       Takatoshi Ito
                        Etsuro Shioji
 
9. Bond Markets as Conduits for Capital Flows: How Does Asia Compare?
Barry Eichengreen and Pipat Luengnaruemitchai
 
Comment:         Eiji Ogawa

10. Financial Liberalization under the WTO and Its Relationship with the Macro Economy
Lee-Rong Wang, Chung-Hua Shen, and Ching-Yang Liang
 
Comments:       Shin-ichi Fukuda
                        Roberto S. Mariano

11. Cross-Border Acquisitions and Target Firms’ Performance: Evidence from Japanese Firm-Level Data
Kyoji Fukao, Keiko Ito, Hyeog Ug Kwon, and Miho Takizawa
 
Comments:       M. Chatib Basri
                        Roberto S. Mariano
 
12. Stock Market Opening and the Cost of Capital: The Case of Korea
Inseok Shin and Chang-Gyun Park

Comments:       Yuko Hashimoto
                        Chulsoo Kim

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